Cryptocurrency prices fell on Friday and turned the early gains on reports that Crypto Exchange Bybit saw $ 1.5 billion value of crypto outflow in a potential security event.

Bitcoin (BTC) slid to nearly $ 97,000 after hovering near $ 100,000 earlier in the day, while ether (Eth) slid almost 4%and dipped below $ 2,700.

The sudden downturn liquidated approx. $ 100 million worth of geared derivatives trade positions, overwhelmingly long to anticipate prices to rise, Coinglass data shows.

The move happened after a good subsequent blockchain Sleuth Zachxbt noticed a “suspicious” $ 1.5 billion ETH flow. Ben Zhou, CEO of Bybit confirmed the hack in an X post.

Update (February 21, 16:07 UTC): Adds details of liquidation and updates of price actions.

Read more: Bitcoin and Ether Tumble on potential $ 1.46b Bybit hack